PROBLEMS OF DEVELOPMENT OF MASTER DEGREE PROGRAM IN ACCOUNTING AT THE UNIVERSITY OF LATVIA

The article is dedicated to problems and possibilities of development in terms of realization of Academic and Professional Master's Degree program in Accounting at the University of Latvia. Carrying out continuous comparative analysis of Master's program at different foreign Higher educational establishments (University of Saskatchewan in Canada, Cardiff University in the United Kingdom, Tallinn Technical University in Estonia), as well as using the references of accreditation expert group, the author identifies plenty of weaknesses appropriate to programs of University of Latvia and has elaborated a range of suggestions, which will provide the better programs conformity to the standards, established for Master‘s Degree achievement in the states with developed market economics. The main recommendations for program improvement are as follows: increase of specific weight for the subjects referring to accounting and audit decreasing general studying course scope (micro economical and macro economical analysis, demography); elimination of program subjects doubling between the list of studied subjects before the start of Master's Degree studies and the list of Master's Degree subjects; updating of studying subject „International Financial Reporting Standards” content, further studying of only the most complicated and problematic standards; implementation of new studying subjects („Foreign Language for the Needs of Scientific Research” and „Research Methodology in Accounting”) and „Research Seminars”; inspiration of Master's Degree students to work independently in the library; extension of Master's thesis elaboration period up to 2 semesters instead of existing 1 semester. The suggested innovations not only increase the competitive ability of the mentioned before programs in Latvian Higher Education Market, but also can improve the status of Master's Degree in Accounting. Though implementation of innovations requires essential investments and labour force (including involvement of new qualified staff), attempt to ignore the necessity of changes may have an extended harmful effect, in particular, loss in competition for potential students (as their quantity decrease due to demographic crisis in the beginning of 1990's) is expected in the nearest future.